This bag retails for $1695 at Saks Fifth Avenue, and also has been spotted online in black patent, pink, and silver.
Can't stomach the price, but love the look? Try this alternative by Nine West. It is bigger than the Valentino bag according to the online measurements, but it may be great for those of you that love big, roomy bags. It retails for $95 and you can click here to purchase. They also have a black, natural (snakeskin colored), coral, and yellow available here.)
*Update - 8/6/10* - This post is from WAYYYY back in April of 2008, so I'm sure the Nine West version is no longer available. In any case, if you're still looking for an alternative to the Nuage bag, Charlotte Russe has a great option that comes in either champagne (shown) or charcoal and retails for $29.50. Click on the photo below to purchase.